BUSINESS HIGH SCHOOL

An aging of Lily Company’s accounts receivable as of December 31 revealed the following. Amount % Uncollectible Current $20,000 2% 1-30 days 50,000 4% 31-60 days 30,000 7% Over 60 days 10,000 25% Before any adjustment for the current year’s bad debts, Lily Company has a balance in its allowance for bad debts of $3,000; this $3,000 represents the remaining allowance associated with accounts receivable created in prior years. Lily Company uses the aging method of estimating bad debt expense. What is BAD DEBT EXPENSE for THIS year?

Answers

Answer 1
Answer:

Answer:

What is BAD DEBT EXPENSE for THIS year?

4000

Explanation:

Aging    

Current          20000 2% 400

1-30                  50000 4% 2000

31-60         30000 7% 2100

Over 60         10000 25% 2500

   

                            7000

Allowance bad debts   3000

Expense                    4000

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Answers

Answer:

Planning.

Explanation:

Planning is the process used by managers to identify and select appropriate goals and courses of action for an organization. The planning function determines how effective and efficient the organization is and determines the strategy of the organization.

Purpose or Importance of planning:

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- Reduces the risk of uncertainty

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In the long run, imports will most likely be paid for with

Answers

In the long run, imports will most likely be paid for with exports

Richard’s annual college expenses are expected to total $17,745. He will receive $5,320 in grants. How much will Richard need to contribute to his annual college expenses?

Answers

Answer

Richard need to contribute to his annual college expenses is  $ 12425 .

Explanation:

As given

Richard’s annual college expenses are expected to total $17,745.

He will receive $5,320 in grants.

Thus

Richard contribute to annual college expenses = Annual college expenses - Grant amount .

Putting values in the above

Richard contribute to annual college expenses = 17745 - 5320

                                                                               = $ 12425

Therefore Richard need to contribute to his annual college expenses is  $ 12425 .
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Answers

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Which of the following statements about the consumption component of GDP is not​ correct? A. Since​ 1960, the consumption component of GDP has generally increased as a fraction of GDP.
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D. Spending on services is smaller than the amount of consumption spending on durable and nondurable goods.

Answers

Final answer:

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Explanation:

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Final answer:

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Explanation:

The incorrect statement about the consumption component of GDP is option D. Spending on services is actually larger than the amount of consumption spending on durable and nondurable goods. This is especially true in developed economies, like the United States, where spending on services, such as healthcare, education, and entertainment, tend to exceed spending on tangible goods. It is certainly true that since 1960 there has been a general trend of increase in consumption as a fraction of GDP (option A), and that the consumption component of GDP is the largest among the components -  exceeding government spending, investment, and net exports combined (option B). However, it's not necessarily the case that the US's consumption as a fraction of GDP is larger than all other high-income nations (option C).

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Answers

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